How to apply for Earnest Student Loans

If you’re looking for flexibility, consider this lender

Earnest, an online lender established in 2013, offers private student loans, student loan refinancing, and loans for graduate and undergraduate students.

What sets Earnest apart is its flexibility, allowing borrowers to specify their own loan terms to cover the entire cost of their education.

When applying, Earnest requests that borrowers disclose their educational background and employment history to get a complete picture of their accomplishments.

The lender also considers the income, credit history, and credit score of the co-signer.

Applying for undergraduate or graduate student loans can be done online, and applicants typically receive a response within 72 hours.

Once accepted, students have the option to choose a repayment schedule or postpone repayment for nine months after graduation.

The loan funding process can take two to five weeks, depending on the applicant and the school’s financial aid office.

Earnest offers both fixed and variable interest rates for student loans and refinancing, with loan terms ranging from five to twenty years.

There is a minimum loan requirement of $1,000, and borrowers can access loans up to 100% of the verified cost of attendance at their school. No application, origination, or late fees are charged.

As of December 1, 2022, Earnest’s fixed interest rates range from 3.99% to 12.78% (with autopay discount), while variable rates range from 3.99% to 12.19% (with autopay discount).

To check the most recent rates, visit Earnest’s website.

The lowest rates come with a 0.25% auto-pay reduction when payments are made with a checking or savings account and are only available to borrowers with excellent credit scores.

For more information on how to apply for an Earnest student loan, read our article!

Who is eligible for Earnest Student Loans?

You can find out if you qualify for an Earnest student loan through a prequalification process.

This involves a mild credit check based on the details you provide, such as your address, enrollment status, and credit score.

If you meet the qualifications set by Earnest, you can proceed to submit a comprehensive application. To be eligible, you must:

• Be a full-time student at an accredited college or institution (or half-time for seniors)

< li>Have a credit score of at least 650 and pass a credit check

• Earn at least $35,000 per year
• Have a credit history of at least three years, no collection accounts, and no bankruptcy filings

For refinanced student loans, there are slightly different criteria. Eligibility requirements include:

• Taking out a loan of at least $5,000 ($10,000 in California)
• Having a credit score of at least 650 and passing a credit check
• Being employed and earning a steady income
• Having a degree related to the debt being refinanced; if you left school at least six years ago and meet other criteria, you may qualify without a degree

How to Apply for an Earnest Student Loan

The application process for an Earnest student loan is entirely online.

You can easily submit your financial and personal information and receive a decision on your application.

In addition to your credit score, Earnest takes into account your earning potential and current financial status, including debt obligations.

During the application process, you will need to provide information such as:

• Social Security number
• Details about your education and employment history
• Recent tax returns
• Access to your financial accounts
• A photo ID from the government

Due to the requirement of linking financial accounts and submitting tax documentation, the application process may take some time.

After your application is approved and the loan is disbursed, Earnest will contact your school for verification.

Earnest Student Loans vs Laurel Road Personal Loan

Earnest Student Loans and Laurel Road Personal Loans may differ in their intended use (student loan vs personal loan), but they share a common feature for those working in healthcare.

Laurel Road is an excellent lender for healthcare professionals, making it equally interesting to consider.

Benefits of Earnest Student Loans

• Flexible loan terms and payments
• Option to skip one payment every 12 months
• Prequalify without a hard credit check to see if you’ll be approved and at what rate

Benefits of Laurel Road Personal Loans

• Alternatives to cosigning and joint loans
• No origination fee
• Discounted rates for autopay
• Possibility of direct payments to creditors with debt consolidation loans

How to Apply for a Laurel Road Personal Loan

If you’re interested in a Laurel Road Personal Loan, find out how to apply on their website.

Written by

Claire Harrison